Bitcoin Falls Below $70,000 as Dollar Climbs to 19-Month High
More than $1.2 billion in leveraged crypto bets were force-closed in 24 hours, CoinGlass data show, and ether slipped under $2,000.
Bitcoin dropped below $70,000 late Thursday and was near $68,690 at 11:54 p.m. ET, down 6.8% in 24 hours, CoinGecko data show. That's its lowest level since August, according to CoinDesk and BeInCrypto.
Ether fell 6.0% to about $1,927 over the same window, per CoinGecko.
The dollar and bond yields kept climbing
The dollar index, which tracks the greenback against a basket of major currencies, was near 103.16 on Thursday, its highest since April 2025, CNBC reported. Barchart also put it at a 1.5-year high. The 10-year Treasury yield rose to about 5.07%, CNBC said, after Tuesday's hotter-than-expected October inflation report lifted bets on a Fed rate hike in December.
When a Treasury note pays 5% with little risk, holding bitcoin, which pays nothing, costs more in lost income. A stronger dollar also makes dollar cash more attractive to hold. CoinDesk tied Thursday night's slide to the dollar's climb.
$1.2 billion in forced selling
A liquidation happens when an exchange closes a leveraged trade because the trader's losses have eaten through the cash posted as collateral. Those forced sales add selling just as prices fall.
More than $1.2 billion in crypto futures positions were liquidated over 24 hours, CoinGlass data cited by CoinDesk and crypto.news show. The largest single one was a bitcoin long (a bet on higher prices) worth about $31 million on Hyperliquid, a decentralized trading platform.
Fund and stablecoin money kept leaving
U.S. spot bitcoin ETFs had net outflows of $47.7 million on Thursday, and ether ETFs lost $8.0 million, Farside Investors data show. That follows the $1.44 billion that left bitcoin funds over five sessions, Black Mint reported Thursday.
Total stablecoin supply, the dollar tokens traders use to buy crypto, stood at $288.1 billion, down $5.02 billion in a week, DefiLlama data show.
In our opinion: this leg down started in the bond market. With CNBC citing a 91% chance of a December hike on CME FedWatch, Tuesday's hot inflation report pushed yields and the dollar higher. The Fed meets Dec. 8-9, and the weekly stablecoin count is the gauge of whether new cash is coming back on-chain.
Sources: CoinGecko: Bitcoin price · CoinGecko: Ethereum price · CoinDesk: Bitcoin dips below $70,000 as Dollar Index hits 19-month high · BeInCrypto: Crypto longs liquidated as bitcoin and ether fall to August lows · crypto.news: Bitcoin below $70K as liquidations hit $1.2B · CNBC: Dollar reaches 19-month high as rate expectations dominate · Barchart: Dollar rises and gold sinks as T-note yields climb · Farside Investors: Bitcoin ETF flow · Farside Investors: Ethereum ETF flow · DefiLlama: Stablecoins · Federal Reserve: FOMC meeting calendar · Black Mint: Bitcoin ETFs shed $1.44 billion over five straight days
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